BofA Rolls Out $8.4 Billion Loan Mod Program

BofA ""struck a deal"":http://dsnews.comarticles/bofa-settles-countrywide-lawsuits-with-84b-loan-modification-program-2008-10-06 with Nevada and the other states, agreeing to provide up to $8.4.

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Bank of America has said that starting Dec. 1, it will modify an estimated 400,000 loans held by newly acquired Countrywide Financial Corp. as part of an $8.4 billion. reaching out to borrowers.

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The new program comes with a price tag of $8.4 billion, but Simon says that it will cost much less than foreclosing on homes en masse. As the credit crisis continues, more and more lenders and.

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In August 2009, CEO Terry Laughlin said the bank has "embraced" the program, adding that it was "pleased to roll out. typical. Bank of America Corp. BAC, -0.13%, the country’s largest mortgage.

Countrywide was acquired by Bank of America. The new program comes with a price tag of $8.4 billion, but Simon says that it will cost much less than foreclosing on homes en masse. As the credit.

Loans from Commercial Bank The modification program is valued at as much as $8.4 billion and the costs of the program "have already been estimated and accounted for" by Bank of America as part of its acquisition of.

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But many lenders are reluctant to lower the principal owed to make up for the difference. Bank of America included principal reductions in a loan modification program it initiated. will the.